I am going to keep this short since I am traveling and nothing has really changed from my last update earlier this week. Despite this recent rally, there is nothing to suggest a bottom is in place. To convince me otherwise, silver still needs to get through 14.70, GLD has to break out over 123, and GDX needs to solidly take out 21. Until such time, we certainly have enough waves in place to consider a bottom has been struck, but we only have 3 waves up which suggests further downside potential. For now, I still hold downside protection until the market proves otherwise.